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Published byAlyson Eaton Modified over 8 years ago
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Trumell Arnum Grade 12 Age 17
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Opportunity Identity theft incidences increased by 11% from 2008 to 2009. TrustID eliminates the opportunity for someone to use your information as their own. People often carry their credit/debit cards, social security card, drivers license etc. all at the same time. Never before has there been a universal Identification product. Mission Statement TrustID will allow the world to advance in terms of technology and will allow all customers the comfort of knowing their personal information is protected.
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TrustID is a retailing and manufacturing business. Applies to everyone who carries around or has personal information. A common trusted method used in storing personal information. TrustID is a Limited Liability Corporation The legal structure was selected to protect my personal assets in the event that my business is unsuccessful.
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Internship at CIGNA A well educated student Honest, Trustworthy, Hardworking, Friendly, and Determined I have taken Small Business management class
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Industry NameProfessional Technical Services Industry Size$82,846,113,000 Total Population The United States of America Target Market Legal citizens in the United States of America Who have personal information cards (credit/debit cards, social security card, drivers license, Passport etc.) Potential Market Survey Data taken: More than 50% of target market showed interest in my product. 312,774,325 Total Population Target Market Potential Market 226,448,611 6,538,131
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By Location The United States of America By Population Male and female Americans between the ages of 20-85+ with any level of formal education. By Personality College students and typical American adults with part time or full time jobs. By Income Lower, Middle, and upper class households.
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Passport Card & Book Passport Card & Book Drivers license Factors Quality of Product/Service Price Location Reputation/Brands Unique Factors/ Knowledge $165.00New $125.00 Renewal Great Hartford HQ Good Information Protection $165.00 New $140.00 Renewal $72 or $82New $30.00 Renewal Nationwide Great Experience
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PeopleProductPlacePricePromotion TrustID targets lower, middle and upper-class Americans between the ages of 20-85 A universal identification method designed to prevent identity theft. TrustID is a national business who provides for all interested individuals in the U.S. Lower than buying a drivers license and passport individually with more information stored. TrustID will be promoted through word of mouth with the addition of an online website.
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Advertising $40.00 Total Monthly Promotional Expense $48.00 Promotional Expense Monthly Amount Monthly Amount Word of Mouth, Business Cards, Website $8.00 FaceBook, MySpace, Twitter, other Social Networks, Identity theft Website Hosting. $0.00 Discounted renewal fees for previous TrustID customers Publicity Sales Promotion
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Materials Material DescriptionTotal Quantity per CardCost per Unit Postage1$0.61 Activation Sticker1$0.03 Processing1$0.27 Plastic/Ink1$0.17 Premium Memory Chip1$3.00 Shipping to Processor1$0.03 Total Material Cost per Unit $4.11 Labor Labor Cost per HourTime (in hours) to Make One Unit Labor Cost per Unit $00 Total Labor Cost per Unit$0 COGS (per Unit)$4.11
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Selling Price (per Unit)$165.00 COGS (per Unit)$10.11 Other Variable Expenses (per Unit)$10.00 Total Variable Expenses (per Unit)$20.11 Contribution Margin (per Unit)$144.89
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Total Hours in a Week = 168
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Total Units Sold 6,500,000
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Selling Price per Unit$165.00 Number of Units Sold 6,500,000 Total Sales $1,072,500,000 Variable Expenses $130,715,000 Contribution Margin $941,785,000 Fixed Operating Expenses $2921.04 Pre-Tax Profit $941,782,078.96 Taxes @ 15% $141,267,311.70 Net Profit $800,514,767.26
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Start-Up Expenditures ItemWhere Will I Buy This?Cost Data Card RP90 Plus E Color Dye sublimation printer www.Datacard.com$4251.00 Visitor Pointe Software www.Datacard.com$500.00 Software Development $ 1,000,000.00 Total Start-Up Expenditures $ 1,004,751.00 Cash Reserves Emergency Fund $ 500.00 Reserve for Fixed Expenses $ 600.00 $1,005,851.00 Total Start-Up Investment
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For My Business: Dollar Equivalent = For My Business: Dollar Equivalent = Annual Net Profit Annual Sales X 100= 75% Annual Net Profit Start-Up Investment X 100= 79585.82% $0.75 $795.86
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$ Total Start-Up Investment
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1,000,000 Annual Donation to Children Research
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Get equipment Find liable sponsor Finish high school, and obtain a college degree Attract employees Business Personal More information on programming Cigna officials for tips on managing personal info Short-Term Long-Term I plan to run my business until death. This business can be my career.
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